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US tells India to curb Russian oil exports in order to progress trade deals
Two people who were familiar with the negotiations said that U.S. negotiators told their Indian counterparts to reduce India's tariffs and seal a deal by limiting purchases of Russian crude oil. A U.S. official stated that while trade negotiations were on the right track, there was still more work to be done in order for India to address U.S. concerns about market access, trade deficits, and purchases of Russian crude oil. U.S. president Donald Trump has tried to pressure India, European Union members and NATO to reduce purchases of Russian oil in order to cut Moscow's revenues and speed up the end of the Ukraine war. Trump's administration is willing to use all available leverage to achieve its policy objectives. This was evident when it linked trade negotiations with India and India's demand to reduce Russian oil purchases. Trump has grown increasingly frustrated by the slow progress in ending Russia's conflict in Ukraine. He had promised to end this conflict from his first day as president. The U.S. imposed a 25% additional tariff on Indian imports to pressure New Delhi into stopping its purchases of discounted Russian oil. This brings the total punitive duty on Indian goods up to 50%, and ruins trade negotiations between two democracies. Trump has not imposed additional tariffs on Chinese goods due to China's purchase of Russian oil. His administration is navigating a delicate truce in trade with Beijing. India and China are two of the largest buyers in the world of Russian oil. This is despite numerous U.S. sanctioned that restrict Moscow's ability to access global markets. India responded by defending its oil imports and highlighting the economic benefits. It also accused Western nations of hypocrisy, for continuing to trade with Russia in spite of sanctions.
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Nigeria's Dangote Refinery Announces Layoffs and Cites Acts of Sabotage
The Dangote oil refining company in Nigeria said that it fired a few workers on Friday, citing sabotage at various units. This sparked criticism from the oil workers union who claimed over 800 Nigerians were terminated. PENGASSAN (the Petroleum and Natural Gas Senior Staff Association of Nigeria) said that the workers had been unfairly dismissed and replaced by over 2,000 Indians. Africa's biggest refinery with a crude processing capacity of 650 000 barrels a day has created a swing supplier within the Atlantic Basin that could reshape the global fuel trade. This exercise is not random. The refinery stated that it was necessary to protect the refinery against repeated acts of sabotage which have raised safety concerns as well as affected operational efficiency. The company did not confirm the number of workers who had been laid off or whether this would have an impact on production. It said that more than 3,000 Nigerians continue to work at the plant. The recipient of the letter was informed that they had been fired on the evening of September 25. An official from PENGASSAN stated that staff were terminated because they had joined a union. Lumumba Okugbawa is the secretary general of PENGASSAN. He said: "This is totally unacceptable and we condemn it completely." In a statement issued by the refinery, the company said it adheres to internationally recognized labour principles, including the right for every worker to decide freely whether to join or not. Dangote closed its gasoline unit at the end of August to undergo repairs that will take between 2-3 months. According to Kpler, a shipping data firm, the plant began processing crude oil in January 2024 and exported more fuel oil in September. When there is an interruption or maintenance, modern oil refineries tend to export more fuel oil. (Reporting and Additional Reporting By Owolabi Tife, Alex Lawler and David Goodely; Editing by Jason Neely, David Goodely and Alex Lawler)
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Locals fear that at least 100 people are dead after a gold mine collapse in the northwest of Nigeria.
Residents and survivors said that at least 100 people were believed to be dead after the collapse of an underground gold mine in Nigeria's Zamfara State. Witnesses reported that the pit at Kadauri's mining site, in the Maru area of the local government, collapsed on Thursday as artisanal miner were working below ground. Rescue operations continued on Friday. Sanusi Auwal is a local resident who has been involved in the rescue effort. He said that at least 13 bodies, including his cousin, had been recovered from the rubble. Auwal, a local resident involved in rescue efforts, told phone callers that "over 100 miners had been involved during the collapse." "We're lucky to have been rescued alive." "Only 15 people were rescued out of over 100," said Isa Sani who is receiving treatment for her injuries. Muhammadu Isa, of the Zamfara State Miners Association confirmed the incident. He added that some rescuers suffocated as they tried to extricate victims. Yazid Abukar, the spokesperson for Zamfara Police, did not respond immediately to messages and calls seeking comment. Zamfara is a place where illegal mining is common. Armed gangs control the gold fields and this leads to violence, accidents, and other deadly incidents.
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Zambia's fiscal year 2026 will be better as it recovers from drought, debt and other problems
Zambia's Government forecasted a better fiscal picture for 2026. It estimated that it would more or less halve the budget deficit, and boost economic growth to above 6%. After years of long-running debt restructuring negotiations, the copper-rich southern African country is trying to restore its public finances. The worst drought since living memory slowed down those efforts. Situmbeko Musokotwane, the Finance Minister, said in a speech on the budget that he aimed for a deficit budget of no more than 2,1% of gross national product (GNP) next year. This is down from 4.6% of GNP this year. The government wants to increase the real GDP to at least 6,4% by 2026 from 5,8% in 2025. It also wants to reduce inflation from its current level, which is around 12%, to the 6%-8% band set by central bank. Musokotwane said that the government's copper production goal of 1,000,000 metric tons by 2025 was "in view". He said that the country has reached agreements with its creditors on approximately 94% of debts being reworked. The minister stated that the government now serviced payments on all debt restructured, including Eurobonds. Musokotwane claimed that Zambia's long-running restructuring story, which began when it defaulted on its debts in 2020, taught it a "bitter lesson". Musokotwane stated that the law was amended to better oversee public borrowing by parliament and a debt management agency set up. He added, "The country has now moved in the right direction. The decline of the previous is over."
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Analyst Mielke says palm oil and soyoil will rise by $100-$150/ton early in 2026.
Thomas Mielke, a leading industry analyst, said that tightening supply will cause palm oil and soybean oil prices to increase by $100 to 150 per metric tonne between January and 2026. Mielke, who spoke at the Globoil India Conference, said that both oils would also benefit from an increase in biodiesel production in Brazil, the U.S. and Indonesia. He said that the global production shortfall will be more pronounced from January to March. He estimated that the growth in palm oil production, the most popular vegetable oil in the world, is slowing down. Only 1.14 million additional tons are expected to be produced in 2026 compared with the current year. He said that the Malaysian RBD palm oil prices, which are currently around $1,080 a ton, on a "free-on-board" basis, will rise by more than $150 a ton, if Indonesian government actions to seize palm plants have a negative impact on production. Agrinas Palma Nusantara is the state-owned palm oil company in Indonesia. It has 1.5 million hectares, which makes it the largest palm oil plantation by area. The company can produce 5.7 million tonnes of crude palm oil per year. He said that Argentine Soyoil is currently undervalued at around $1,050 a ton FOB and could increase, mainly due to increased biodiesel consumption. He said that while sunflower oil trades at a premium to rival soyoil in the first quarter of the year, this will disappear by the third quarter, as supplies from Argentina and the Black Sea improve. He said that imports of sunflower oil in India, China, and other important markets are on the decline. However, this trend will reverse itself once the premium for sunflower oil is removed. Buyers in India, which is the largest vegetable oil importer in the world, are currently paying a premium of $140 per ton over soyoil. He said that India's imports of vegetable oil in the 2025/26 year (starting November 1) are expected to increase by 1.5 million tonnes from a previous year. They will reach a record level of 18 million tons. (Reporting and editing by Toby Chopra, Shilpi Majordar, and Rajendra Jadhav)
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India dismisses as 'baseless,' NATO chief's comments about Modi-Putin discussions
India has rejected the "incorrect" and "baseless" remarks made by NATO's head that Indian Prime Minister Narendra Modi had contacted Russian President Vladimir Putin about the impact of punitive U.S. Tariffs on India's purchases of Russian Oil. The Indian Foreign Ministry called the remarks speculative, and said that there had been no such conversation on Friday. In an interview with CNN on Tuesday, NATO Secretary General Mark Rutte spoke about U.S. president Donald Trump's decision to double tariffs against Indian imports, to 50%, due to India buying Russian oil. Rutte stated in an interview published Thursday that "this immediately impacts Russia, because Delhi is on the phone now with Putin in Moscow and Narendra Modi asked him: Hey, I support you but could you please explain to me your strategy, because I've now been hit 50% by tariffs from the United States". Randhir Jaiswal, spokesperson for the Indian Foreign Ministry, told a regular press briefing that "the statement is completely false and factually inaccurate." "The Prime Minister Modi has never spoken to President Putin as suggested. "No such conversation has occurred." A NATO spokesperson responded to a question from: "We don't have anything more to add to the statements made by the NATO Secretary-General." India is the biggest buyer of Russian crude oil since Moscow's invasion of Ukraine in 2022. Donald Trump, the U.S. president who is trying to end the Ukraine conflict by brokering a settlement, said that India's oil imports helped fund Moscow's war efforts. New Delhi claims that its purchases of Russian crude oil have helped to keep the markets balanced and accuses the West of having double standards, because they continue to buy Russian goods worth billions. Reporting by Shivam Patel, New Delhi. Editing by Alex Richardson.
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China accuses EU of hypocrisy over critics of climate goal
China's Foreign Ministry said that the EU's climate chief's criticisms of China's climate pledges show "double standards" and "selective blindness", accusing them of slow action on their own climate targets. China pledged earlier this week to reduce greenhouse gas emissions between 7% and a 10% reduction by 2035 compared to their peak levels as part of the new targets for its nationally determined contributions. Wopke hoekstra, the European Union's climate commissioner, called the goal "clearly disappointed". The Chinese Foreign Ministry appeared to make a reference to this statement without directly addressing it. A day earlier Donald Trump, the U.S. president, had described climate change in his address to the United Nations General Assembly as "the biggest con job." In response to Hoekstra, a ministry spokesperson wrote: "Some people are deaf and silent when they hear claims such as 'climate changes is a hoax.' Instead of ignoring and making irresponsible remarks about China's proactive and responsible actions to combat climate change." Hoekstra stated that China's new plan on climate change fell "well below what we believe to be both achievable and needed". The New York Times reported that he also called the United States climate policy "concerning" and "problematic". CHINA CALLS FOR MORE COOPERATION The statement read: "Such a rhetoric undermines the atmosphere for cooperation and disrupts global unity in addressing climate changes. That is what is truly disappointing." NDCs, or non-binding climate plans, are submitted to the UN every five years as part of the Paris Agreement. This 2015 agreement aims to limit global temperature increases to 1.5 degrees Celsius. After Trump's inauguration in January, the United States, which is the second largest emitter of greenhouse gases after China, formally resigned from the Paris Agreement a second. After a February deadline, the EU still hasn't announced its new climate action plan. However, it agreed to set an emissions reduction target of between 66.25% - 72.5% from 1990 levels by 2035. China's Foreign Ministry called on the EU in its statement to change its habit of speaking loudly but doing little. The Ministry also stated that China had "the most resolute commitment, most powerful actions, and most effective implementation" of its emissions reductions. China has set new climate targets, marking the first time that it has pledged to reduce its emissions. However, the reduction rate pledged is far lower than the 30% cut required by 2035 as per some scientists to bring China in line with the global goal of limiting warming to 1.5 degrees Celsius. In October, the European Commission reported that greenhouse gas emissions in the EU would be down 8.3% by 2023 as compared to the previous year. They were also 37% lower than 1990 levels. This was despite a GDP growth of 68%.
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Gold prices rise as Fed rate cuts remain on the table despite inflation data
Gold rose on Friday as U.S. data on inflation came in line, confirming bets the Federal Reserve will continue to cut interest rates later this year. Gold spot rose 0.3%, to $3,761.41 an ounce, as of 9:20 am EDT (1320 GMT), having hit a record high earlier in the week. This metal is up 2% in the last week. U.S. Gold Futures for December Delivery rose by 0.6% to $3.792. "PCE monthly data are in line with expectations, although personal income and expenditure were a 10th higher than expected. This data won't stop the Fed from implementing another cautious rate reduction at its October meeting, said Tai Wong. U.S. The Personal Consumption Expenditures Index (PCE) rose 2.7% on an annual basis in August. This was in line with the expectations of economists in a recent poll. According to the CME FedWatch Tool, investors now expect a rate reduction in October of 88% and another in December of 64%. The markets will also be watching remarks by Richmond Fed President Thomas Barkin, and Fed Vice-Chair Michelle Bowman in the afternoon for clues about the Fed's position. Gold is a traditional safe-haven and benefits from lower rates of interest. Donald Trump, the president of the United States, announced on October 1 a new round of tariffs for imported trucks, furniture and drugs. Silver spot rose by 0.5%, to $45.46 an ounce. This is a record high for the metal. Palladium, on the other hand, gained 1.3%, to $1266.50. It's now on track to have a weekly increase. Platinum increased 1.2% to $1.547.42 - its highest price in over 12 years. Analysts and traders have noted that silver and Platinum are gaining in popularity amid the rising gold price, as investors turn to less expensive alternatives. Wong stated that the pledge by Chinese President Xi to reduce net Chinese carbon emission by 7-10% between 2035 and 2035, has also prompted the purchase of silver used in solar cell manufacturing. He said that Freeport's declaration of force majeure in the Grasberg mine further confirmed this sentiment. Sherin Elizabeth Varighese reported from Bengaluru, and Shreya biswas edited the article.
Argentina approves McEwen’s $2.7 billion copper Project for Tax Break Program
The Argentine government has approved McEwen Copper’s $2.7 billion Los Azules Copper Project in the country under a tax incentive program called the Large Investment Incentive Regime.
McEwen Copper, a subsidiary company of McEwen Mining, is a McEwen Copper subsidiary. Economy Minister Luis Caputo stated in a blog post on X that the project will contribute to $1.1 billion worth of exports each year.
Argentina hasn't produced copper since the Alumbrera Mine closed in 2018. But developers and analysts are hopeful that projects like Los Azules will make Argentina a major supplier to the world.
Caputo stated that the approval was a first in the province of San Juan, Argentina's top gold-mining region and hub for non-operational projects. It would create more than 3,500 direct and indirect jobs.
Los Azules, the eighth project approved under the RIGI tax-break scheme, brings a total of $15.7 billion in investment to the plan of incentives promoted by the libertarian president Javier Milei.
McEwen sources estimate that the total investment in Los Azules will be $3 billion within three to four years. The mountainous area is 3,500 meters high and located in the Andes range.
They said that the company must now look for financing to make this investment.
McEwen intends to start producing copper cathodes from Argentina in 2029. It will soon release a feasibility report that includes operational details over the next 20-year period, while it is working to obtain permits.
The company plans to leach copper instead of the traditional method that involves floating and skimming concentrates. This will use half as much water and have a smaller impact on the local population.
McEwen, with 46.4% of Los Azules, is the largest shareholder. Stellantis and Nuton/Rio Tinto each own 18.3%.
(source: Reuters)